Help understanding strategies on using conditional orders with Bittrex
From my understanding a limit is going to purchase or sell whenever the last price for that coin trades near the limit and there's an order that can fill it.
- set a buy limit for .01 btc to buy 10 X coins
- set a sell limit for .02 btc to sell 10 X coins
The above will be filled whenever it can be if it ever will be.
What I am not understanding with conditionals is when to use them. If I was feeling like I wanted to avoid any losses I could just set a sell limit to something like -20% of the day. What would be the point in adding a condition on top of the bottom -20% value ?
And on the flip side, how would you use a conditional to only sell once it's above a certain threshold (less than or greater) when do you use that?
Additionally, why would you do that for buy limits as well?
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